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Senate Republicans Making Plea to Get on With Stablecoin Debate

Published

4 месяца ago

8 мая, 2025

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The Senate’s Republican majority leader, John Thune, took to the chamber floor on Thursday morning to make a case for moving forward with stablecoin legislation — marking his first significant foray into the topic of crypto as Republicans grow frustrated with keeping what was once a bipartisan effort on track.

«Stablecoins should be made in the USA, but we can’t lead in innovation if there’s no clarity for the innovators,» Thune said in his speech on the Senate Floor, delivered in the runup to an afternoon vote meant to advance the debate on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act that would establish a U.S. regime to regulate stablecoin issuers.

«Americans are already using stablecoins and will continue to use them with or without legislation,» Thune argued, saying that the bill will establish safeguards against money laundering and threats to national security, in addition to protecting consumers with reserve requirements.

«The GENIUS Act is by no means the last word on digital assets,» the South Dakota lawmaker said, but he characterized it as a «first step toward bringing digital assets into our financial system.»

Though many Democrats expressed earlier support for the legislation and helped move it out of the Senate Banking Committee with an 18-6 vote, they’ve have thrown up loud objections to moving forward, focusing on President Donald Trump’s personal crypto interests and the potential conflicts posed by those business ties. Senator Ruben Gallego has been in the vanguard of this backlash, despite his close ties to the industry, which supported his 2024 Senate campaign with $10 million in advertising paid for by an affiliate of the crypto-backed Fairshake political action committee.

The Senate is steaming toward a 1:45 p.m. Thursday so-called cloture vote, which would open debate in the legislation — a back-and-forth which itself could occupy days of floor time. But that next step would need several Democrats to pass the 60-vote required margin. Alongside Gallego, several of the Democrats who voted for the bill in committee have said they would oppose the cloture vote.

Thune made the case that Democrats should allow the bill to move to that stage so that the changes they want can be hashed out in the open.

Lawmakers and staffers in the Senate worked overnight into the early hours of Thursday fielding further concerns from Democratic members, leaving some expressing doubt about how successful the vote will be on what’s now the sixth version of this stablecoin bill.

The House of Representatives has been working on a similar bill that would eventually needed to be melded with this one before it can become law, but the Senate has long been the bottleneck for advancing crypto bills, and it promises to be the more difficult venue for clearing the industry’s efforts.

«We have the opportunity to move the ball forward today,» Thune said. «I encourage my colleagues to take it.»

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

6 часов ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

6 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

6 часов ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.